Gloucestershire & Wiltshire Incorporated - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00019680 (England and Wales)

Financial Statements

for the Year Ended 31st December 2021

for

Gloucestershire and Wiltshire

Incorporated Law Society

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

-

29,442

-

29,442

CURRENT ASSETS

Stocks

7,870

7,964

Debtors

6

20,234

20,225

Cash at bank

53,274

39,441

81,378

67,630

CREDITORS

Amounts falling due within one year

7

17,520

76,672

NET CURRENT ASSETS/(LIABILITIES)

63,858

(9,042

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,858

20,400

PROVISIONS FOR LIABILITIES

-

5,345

NET ASSETS

63,858

15,055

RESERVES

Income and expenditure account

63,858

15,055

63,858

15,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th February 2023 and were signed on its behalf by:

Ms R Derbyshire - Director

1.	STATUTORY INFORMATION

Gloucestershire and Wiltshire Incorporated Law Society is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00019680

Registered office:

c/o Thrings LLP

6 Drakes Meadow

SWINDON

Wiltshire

SN3 3LL

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents subscriptions receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

3 years straight line

Stocks

Stock consists of bottles of port held by the company. This is valued at its open market value by an external valuer.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income and Expenditure Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Investments

Fixed asset investments are stated at year end market values.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st January 2021

and 31st December 2021

380

DEPRECIATION

At 1st January 2021

and 31st December 2021

380

NET BOOK VALUE

At 31st December 2021

-

At 31st December 2020

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1st January 2021

29,442

Disposals

(29,442

)

At 31st December 2021

-

NET BOOK VALUE

At 31st December 2021

-

At 31st December 2020

29,442

Fixed asset investments were stated at their open market value. The investments were sold during the year to 31st December 2021.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

20,234

20,061

Prepayments and accrued income

-

164

20,234

20,225

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Corporation tax

6,179

4,810

Accruals and deferred income

11,341

71,862

17,520

76,672